The futures were mixed as Wall Street returns from the three-day holiday weekend looking to end the month on a positive note with just two days left. All the major indexes closed Friday dramatically higher, with the Nasdaq once again leading the pack, up 2.27% at 12,986, for its fifth straight week of gains. Analysts noted that despite the big move higher in technology, the recent rally is the “narrowest” one since 1999, and a stunning 90% of the S&P 500 gains this year are from just 10 stocks. That is a data point many market technicians remain worried about.

Treasury yields finished mixed on Friday after a lousy week that saw rates jump higher, especially on the short end. The one-month T-bill finally caught some love Friday, as the buyers stepped in and the yield dropped 10 basis points to close at 5.60%. The debt ceiling negotiations continued over the holiday weekend, and it was reported that the two sides reached a tentative agreement with neither getting everything they wanted. The two-year note closed at 4.57%, while the 10-year note finished at 3.81%.

Brent and West Texas Intermediate crude bounced back Friday, as both finished the day up well over 1%. Top analysts cited the continued pullback in U.S. drilling, where the rig count has dropped by double digits recently and fell to 711 last week, as well as the potential for OPEC to cut production levels at its June meeting. Natural gas was down Friday to finish off a rough week, closing over 5% lower at $2.18.

Gold finished the week modestly higher, as the bullion closed at $1,945 on Friday, after hitting a nine-week low earlier in the week. Expectations for a debt ceiling settlement were the main reason for the strength on Friday. Bitcoin closed Friday up 1% after a brutal week that saw the crypto giant hit hard. J.P. Morgan remains bullish and noted that a move to the $45,000 level would not be out of the question, especially if gold reverses and continues higher, as the two tend to move in tandem.

24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding fresh ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.

These are the top analyst upgrades, downgrades and initiations seen on Tuesday, May 30, 2023.

Atlantica Sustainable Infrastructure PLC (NASDAQ: AY): National Bank Financial downgraded the company to Sector Perform from Outperform and has a $31 target price. The consensus target is $32.73. The shares closed on Friday at $24.61.

Broadcom Inc. (NASDAQ: AVGO): Oppenheimer raised its $720 target price on the Outperform-rated shares to $800. The consensus target is just $698.30. The shares were last seen Friday above both levels at $812.73, up close to 12% after the big chip production deal and partnership with Apple.

Caterpillar Inc. (NYSE: CAT): This is the Zacks Bull of the Day stock. The analyst points out that the iconic yellow machines are seen at nearly every construction site. Shares last closed at $211.80, and the $236.58 consensus price target signals almost 12% upside potential.
Clear Secure Inc. (NYSE: YOU): Stifel resumed coverage with a Hold rating and a $28 target price. The consensus target is $31.50. The shares closed on Friday at $25.09.

CVS Health Corp. (NYSE: CVS): Piper Sandler initiated coverage with an Overweight rating and an $85 target price. The consensus target is up at $99.34. Friday’s closing share price was $67.64.

CyberArk Software Ltd. (NASDAQ: CYBR): Oppenheimer maintained an Outperform rating with a $180 target price. The consensus target is $180.44. Friday’s close was at $154.89.

Guardant Health Inc. (NASDAQ: GH): Citigroup’s upgrade to Buy from Neutral included a target price hike to $40 from $28. The consensus target is higher at $53.29, but Friday’s close was at $28.08.

Hamilton Lane Inc. (NASDAQ: HLNE): Oppenheimer upgraded the shares to Outperform from Perform. The firm’s $87 target price is well above the $76.20 consensus target and Friday’s close was at $66.15.

Madison Square Garden Entertainment Corp. (NYSE: MSGE): Morgan Stanley initiated coverage with a Buy rating and a $40 target price. The consensus target is $41.50. Friday’s close was at $35.04.

Marvell Technology Inc. (NASDAQ: MRVL): Goldman Sachs raised its target price on the Buy-rated shares to $60 from $46. The consensus target is $56.69 for now. The shares soared on Friday, ending 32% higher at $65.51 after solid earnings and the prospect for huge AI influence on future earnings.

MongoDB Inc. (NASDAQ: MDB): Guggenheim downgraded the stock to Sell from Neutral but nudged its $205 target price up to $210. The consensus target is $256.91. The shares closed on Friday at $283.36.

New Relic Inc. (NYSE: NEWR): RBC Capital Markets boosted its Sector Perform rating to Outperform and its target price to $95 from $75. The consensus target is $83.58. The shares ended Friday at $72.34, down almost 8% on the day.

Nutrien Ltd. (NYSE: NTR): Citing weak quarterly results and falling earnings estimates, Zacks selected this fertilizer maker as its Bear of the Day stock. Shares have traded as high as $102.73 in the past year but closed most recently at $55.89. That is down more than 41% year to date.

Paramount Global (NASDAQ: PARA): Loop Capital upgraded the stock from Sell to Hold with a $14 target price. The consensus target is $18.96. The shares closed on Friday at $14.91.

Physicians Realty Trust (NYSE: DOC): JMP Securities started coverage with a Market Outperform rating and a $15.50 price target. The consensus target is $16.06. The stock closed at $13.61 on Friday.
Pinnacle West Capital Corp. (NYSE: PNW): As BofA Securities upgraded the shares to Neutral from Underperform, the $76 price target rose to $78. The consensus target is $76.80. Friday’s closing share price was $76.80.

RingCentral Inc. (NYSE: RNG): The Hold rating at Needham is now at Buy with a $42 price target. The consensus target is $45.39. Friday’s $34.78 close was up 18% after an activist investor announced a sizable position in the company.

Sarepta Therapeutics Inc. (NASDAQ: SRPT): Oppenheimer reiterated an Outperform rating with a $180 target price. The consensus target is $174.89. The last trade on Friday came in at $126.82.

SoFi Technologies Inc. (NASDAQ: SOFI): Jefferies reiterated a Buy rating and has an $8 target price. The consensus target is $7.23. Friday’s close was at $5.41.

Ulta Beauty Inc. (NASDAQ: ULTA): Stifel reduced its $525 target price on the Hold-rated company to $475. The consensus target is up at $554.95. Friday’s close at $420.27 was down over 13% for the day. Analysts cited earnings for the drop.

UnitedHealth Group Inc. (NYSE: UNH): Piper Sandler started coverage with an Overweight rating and a $580 target price. That compares with a $553.58 consensus target and Friday’s closing print of $481.52.

UWM Holdings Corp. (NYSE: UWMC): As Jefferies upgraded the stock to Buy from Hold, its $5.50 target price increased to $7. The consensus target is $4.70. Friday’s $5.14 close up over 5% for the day on the upgrade.

Workday Inc. (NYSE: WDAY): Oppenheimer lifted its $220 target price on the Outperform-rated company to $240. The consensus target of $212.65 is lower than Friday’s closing share price of $216.07, which was up 10% for the day after solid quarterly results were posted.

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This week, three top companies with stocks rated Buy across Wall Street are expected to lift the dividends they pay to shareholders, showing that they are doing well and have the earnings and cash flow strength to increase their payouts.

Friday’s top analyst upgrades and downgrades included American Express, Caesars Entertainment, Carnival, Dish Network, DocuSign, Ford, Futu, Microsoft, Mobileye Global, Nvidia, SentinelOne, Snowflake, Vipshop and Walt Disney.

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